Cairo – Masrawy:
Journalist Amr Adeeb commented on the Central Bank’s decision to allow the pound’s exchange rate to be determined according to market mechanisms.
Adeeb said in a blog post on the “X” platform today, Wednesday: “You were all in favor of the float! You were all expecting it! You were all understanding! In the opinion of teacher Reda, I admire you, O time.”
You were all in favor of the flotation! You were all expecting it! You all understood! In the opinion of teacher Reda, I liked you, O time
— Amr Adib (@Amradib) March 6, 2024
On Wednesday morning, the Central Bank announced that it would allow the pound’s exchange rate to be determined according to market mechanisms, after its sudden decision to raise interest rates by 6 percent, following an extraordinary meeting.
The Egyptian pound fell by about 62 percent to more than 50 pounds to the dollar by 1:30 p.m., after trading at about 30.85 over the past year.
The Central Bank stressed that unifying the exchange rate is a very important measure, as it contributes to eliminating the accumulation of demand for foreign exchange following the closing of the gap between the official and parallel market exchange rates.
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